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Oriole Resources higher as it reports significant intersections during drilling at Pandora gold project

The explorer said the results indicated “good potential for resource delineation" at the site in Djibouti

Oriole Resources PLC - Oriole Resources reports significant intersections during drilling at Pandora gold project

Oriole Resources PLC (LON:ORR) said a phase 3 drilling programme at the Pandora gold project in Djibouti has delivered “a number of significant intersections”.

The AIM-listed explorer said the 13-hole programme included a near-surface interval of 16.86 metres grading at 1.42 grams per tonne (g/t) gold, with mineralisation predominantly related to quartz vein and hydrothermal silica breccia, with associated demagnetisation of the basalt host rocks.

WATCH: Oriole Resources moving towards drilling in Cameroon as new campaign gets underway in Senegal

The highest grades were related to the presence of sulphide-rich chalcedonic silica and it said that there is “good potential for resource delineation in the structural zone between the Pandora and Pyrrha veins, subject to further exploration and infill drilling”.

"We are very pleased to see continued success with the drilling at Pandora, reconfirming this project as a highly prospective gold target”, Oriole chief executive Tim Livesey said in a statement.

"If drilling continues to deliver grades and widths like these, this could quickly be built into a resource with open pit potential. We look forward to further updates as the programmes in Djibouti restart”, he added.

Oriole's shares were 7.4% higher at 0.37p in mid-morning trading on Thursday.

--Adds share price--

Quick facts: Oriole Resources PLC

Price: 0.4096 GBX

LSE:ORR
Market: LSE
Market Cap: £3.73 m
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